Mumbai, October 07, 2026: Bharat Petroleum Corporation Limited (BPCL) today announced the commencement of operations of its strategic partnership with Tiki Tar and Shell through the joint venture company, Bharat Tiki Tar Shell Pvt Ltd.
This follows the signing of a joint venture and share subscription agreement between the stakeholders on June 26, 2026. Under this partnership, BPCL will collaborate with the existing partners, Shell Gas B.V. and Tiki Tar Industries. Established in 2019, the existing company, Tiki Tar and Shell India Pvt Ltd, develops value-added bitumen products for India’s growing road construction and infrastructure sector. With the onboarding of BPCL, Tiki Tar and Shell India Pvt Ltd has now been rebranded as Bharat Tiki Tar Shell Pvt Ltd.
The joint venture carries the tagline “Best Bitumen for Best Roads”. While the initials BTS represent the coming together of the three partners, they also stand for “Beyond the Surface”, reflecting the company’s larger purpose: delivering innovative solutions that go beyond conventional surface protection to create enduring value for customers and industries alike.
The strategic investment positions BPCL to capitalise on India’s rapidly growing infrastructure and road construction sector, driven by large-scale government initiatives such as the Bharatmala Pariyojana. The joint venture will focus on the production, marketing and sale of Value-Added Bitumen(VAB), including Polymer Modified Bitumen(PMB), Crumb Rubber Modified Bitumen(CRMB) and bitumen emulsions. These specialised products are increasingly preferred for national highway projects and airport runways due to their enhanced durability, temperature stability and longer life cycle. The venture will also introduce solutions aimed at decarbonisation and waste circularity in India’s paving industry.
The tripartite partnership brings together highly complementary strengths to scale up the business, with the new name reflecting the new ownership structure. Shell will contribute advanced technology and global innovation capabilities for the development of advanced Value-Added Bitumen and circular solutions. Tiki Tar will bring six decades of product expertise and an in-depth understanding of the Indian market, along with its manufacturing network of six plants and established logistics infrastructure. BPCL, in turn, will leverage its extensive sales network, enabling the joint venture to effectively target major government contracts, Public Works Department projects and large-scale infrastructure initiatives.
Speaking on the marketing importance of the new company, Shri Subhankar Sen, Director (Marketing), Bharat Petroleum Corporation Limited (BPCL), said, “India’s roads and highways are witnessing historic growth with accelerated demand for highly durable value-added bitumen across the categories of PMB, CRMB, NRMB and emulsions, transforming the science Beneath The Surface in the building of world class roads, highways and runways. By partnering with best-in-breed industry leaders, BPCL is taking a decisive step to expand our product portfolio and support the stringent quality demands of the marquee State projects like the Bharatmala Pariyojana. Complimenting the strong intellectual property base and technological excellence of our partners, we bring to the table, our pan India sales & marketing network, our customer enablement platforms along with our Pure for Sure brand promise, empowering this joint venture to be an integral part of the nation’s infrastructure growth story. Working closely with the State and infra players, we look forward to sustainable growth, long-term profitability and the fulfilling experience of being a lead participant in nation building.”
Speaking on the potential of this joint venture, Shri Raman Ojha, Shell, added, “This joint venture represents the coming together of complementary strengths built over decades. Shell’s global expertise and legacy of innovation in advanced bitumen solutions, combined with Tiki Tar’s extensive pan-India manufacturing capabilities, have already created a strong foundation since 2019. With BPCL joining as a strategic partner, we are not just strengthening the partnership but unlocking new possibilities to transform the bitumen landscape. Together, we are well positioned to redefine industry benchmarks, drive innovation and support India’s shift towards more durable and resource-efficient road construction.”
Speaking on upcoming collaboration, Shri Pushp Kumar Nayar, Director of Human Resources (DHR) at Bharat Petroleum Corporation Limited (BPCL) added, “Bharat Tiki Tar Shell represents the coming together of strong capabilities, diverse expertise and a shared vision for India’s infrastructure growth. As this joint venture begin its journey, our focus will be on fostering a culture of collaboration, innovation and excellence, while empowering our people to contribute meaningfully to the venture’s success. By bringing together talent, technology and industry experience, BTSPL is well positioned to create sustainable value and support the evolving needs of India’s infrastructure sector.”
Speaking on the strategic importance of the acquisition, Mr. Manoj Menon, Chairman, Bharat Tiki Tar Shell Pvt. Ltd. said, “Today marks the beginning of a strategic partnership built on complementary strengths, shared aspirations and a common commitment to India’s infrastructure development. Bharat Tiki Tar Shell brings together the strengths of both partners. BPCL contributes its extensive experience, customer relationships and understanding of India’s energy and infrastructure landscape, while Tiki Tar and Shell bring their technical expertise and operational capabilities in the value-added bitumen portfolio.
“Bitumen is a critical building block of infrastructure. As India expands its highways, roads, airports, logistics networks and smart cities, demand is shifting from conventional paving bitumen to high-performance, application-specific and value-added solutions.
“Together, we can create solutions greater than the sum of our strengths. Our ambition is not merely to manufacture and supply bitumen, but to become a trusted solution partner—delivering innovative products that meet evolving customer needs and support better, more durable and sustainable infrastructure.
“With the vision of Viksit Bharat, we must pursue growth that is ambitious, sustainable and transformative. Our focus will remain firmly anchored in quality, innovation, reliability, customer-centricity and sustainable growth.
“With the continued support of all our stakeholders, I am confident that Bharat Tiki Tar Shell will grow from strength to strength, establish itself as a trusted name in value-added bitumen solutions and become a benchmark of excellence in the infrastructure sector. I wish Mr. Sumit Mohan, MD & CEO, and his team all the very best for the success of the joint venture. Together, let us build better solutions, stronger roads and a more developed Bharat.”
Shri Rajendra Shah, Director, Tiki Tar, emphasised the operational readiness of the venture: “For over six decades, Tiki Tar has been a premier provider of construction solutions in India, building deep product expertise and an in-depth understanding of the Indian market. Our contribution to this joint venture lies in our robust, on-ground manufacturing footprint and cost-effective production. Across our six state-of-the-art plants at Taloja, Halol, Palwal, Mangalore, Vizag and Pithampur, we provide the joint venture with immediate, scalable production capacity, market expertise, credentials and a performance track record of iconic projects across India. Combined with BPCL’s market reach and Shell’s technology, we are uniquely positioned to lead the value-added bitumen market.”
About Bharat Petroleum Corporation Ltd. (BPCL):
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.
Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, fuel stations, aviation service stations and LPG distributors. Its distribution network comprises over 25,300+ Fuel Stations, over 1000+ CNG stations, over 6,250+ LPG distributorships, 440+ Lubes distributorships, 81 POL storage locations, 56 LPG Bottling Plants, 81 Aviation Service Stations, 5 Lube blending plants and 6 cross-country pipelines.
Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has Electric vehicle charging stations at 6800+ Fuel Stations. With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.
